The Blackmores Limited (ASX: BKL) share price has been amongst the best performers on the local market today.
In afternoon trade the health supplements company's shares are up almost 4% to a 52-week high of $168.43. This has brought its three-month return to an impressive 88%.
Why are its shares higher today?
With no news out of the company today, it appears that the catalyst for this gain has been a note out of Goldman Sachs.
According to the note, the broker has retained its neutral rating on Blackmores' shares but lifted its price target to $173.20.
Whilst this implies potential upside of just 3% from the current share price, investors haven't let that put them off snapping up shares today.
Nor have they been put off by the fact that Blackmores' shares are now changing hands at a lofty 49x trailing earnings.
